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EXPLANATION: CAPITALS INDICATE MATTER ADDED TO EXISTING LAW.
[Brackets] indicate matter deleted from existing law.
Underlining indicates amendments to bill.
Strike out indicates matter stricken from the bill by amendment or deleted from the law by
amendment.
*sb0248*
SENATE BILL 248
C8 6lr2147
CF HB 487
By: Senator Beidle
Introduced and read first time: January 16, 2026
Assigned to: Finance
Committee Report: Favorable
Senate action: Adopted
Read second time: February 7, 2026
CHAPTER ______
AN ACT concerning 1
Maryland Technology Development Corporation – Investments – Alterations 2
FOR the purpose of requiring the Maryland Technology Development Corporation to adopt 3
certain regulations regarding the consideration of remedies for i nvestments in 4
certain businesses that no longer meet the definition of qualified business for 5
purposes of provisions of law governing the Corporation ; authorizing, rather than 6
requiring, the Corporation to divest itself of an interest under certain circumstances; 7
authorizing the Corporation to pur sue certain other remedies under certain 8
circumstances; and generally relating to the Maryland Technology Development 9
Corporation. 10
BY repealing and reenacting, without amendments, 11
Article – Economic Development 12
Section 10–401(a) and (c) 13
Annotated Code of Maryland 14
(2024 Replacement Volume and 2025 Supplement) 15
BY repealing and reenacting, with amendments, 16
Article – Economic Development 17
Section 10–408(a) and 10–470 18
Annotated Code of Maryland 19
(2024 Replacement Volume and 2025 Supplement) 20
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLA ND, 21
That the Laws of Maryland read as follows: 22
2 SENATE BILL 248
Article – Economic Development 1
10–401. 2
(a) In this subtitle the following words have the meanings indicated. 3
(c) “Corporation” means the Maryland Technology Development Corporation. 4
10–408. 5
(a) The Corporation shall adopt regulations establishing: 6
(1) the investment committee; 7
(2) the responsibilities of the investment committee , INCLUDING A 8
PROCESS FOR CONSIDER ING REMEDIES , INCLUDING DIVESTMENT , FOR 9
INVESTMENTS IN A BUS INESS THAT NO LONGER MEETS THE DEFINITION OF A 10
QUALIFIED BUSINESS; and 11
(3) the procedures for the appointment of investment committee members. 12
10–470. 13
(a) The Corporation may require that all or part of a grant be repaid, with interest 14
at a rate the Corporation sets, when conditions specified by the Corporation occur. 15
(b) (1) Whenever the Corporation is authorized by law to make a grant, 16
including a grant from the Economic Development Opportunities Program Account 17
authorized under § 7 –314 of the State Finance and Procurem ent Article, the Corporation 18
may use money appropriated for the grant to make an equity investment in a qualified 19
business. 20
(2) (i) Except as provided in subparagraph (ii) of this paragraph and 21
Subtitle 4A of this title, in making an equity investment under this subtitle or Subtitle 4A 22
of this title, the Corporation may not acquire an ownership interest in an enterprise that 23
exceeds 25%. 24
(ii) In making an equity investment under this subtitle or Subtitle 25
4A of this title in one or more venture or private equity firms, the Corporation may acquire 26
an ownership interest exceeding 25%. 27
(3) Within 15 years after making an equity investment under this subtitle 28
or Subtitle 4A of this title, the Corporation [shall], ON REVIEW AND APPROVAL OF THE 29
CORPORATION’S INVESTMENT COMMITT EE, MAY divest itself of that investment OR 30
PURSUE ANOTHER REMEDY THAT IS IN THE CORPORATION’S BEST INTEREST. 31
SENATE BILL 248 3
(4) The liability of the State and the Corporation in making an equity 1
investment under this subtitle or Subtitle 4A of this title is limited to the amount of that 2
investment. 3
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 4
1, 2026. 5
Approved:
________________________________________________________________________________
Governor.
________________________________________________________________________________
President of the Senate.
________________________________________________________________________________
Speaker of the House of Delegates.